You developed yourself a product. Congratulations! Can you start counting your Dollars? Not just yet.
Sales is picking up. Nice! Can you start planning your new 2 acres villa? Hold on.
A product doesn't necessarily means a successful product... So how to turn your existing product to a success story?
Well, there is no magic formula for that, but use some Qualitative and Quantitative Measurements to help you with that goal.
Leverage the fact you have a product in place and users that use it, to measure what you are doing well, what you are missing, where your customers see value and where you should focus on.
During the time you didn't have a product or any customers, you had to guess, evaluate, survey, copy or any other way of understanding and planning your direction. No more! Use the power of your customer-base to move forward.
I have been trying to illustrate the concept of how certain measurements can help you drive to Product Success though increased product sales.
Now if you shake your head and think to yourself "what this guy thinks? success isn't measured by sales alone!" or “not all successful products are sales-driven!” you are right, but in this case, I focused on measurable parameters that drive success and I chose a clear success-factor like ‘sales’.
The concept is as follows:
Product Measurements can be Qualitative or Quantitative
These Measurements will help with insight on Important Product Information
This Information will help drive certain Product Related Actions
These Actions will probably generate more Product Sales
Left side of the drawing is where we want to be - success.
How to get there? start on the right side. Measure and answer using your customer-base, the items there (for example, total sales per quarter or do we have a sales-script?)
Once you answer these questions, move on to the green box (product required information) and answer some key product questions.
Then, move to the orange box and plan your product improvements.
Quantitative Product Measurements:
Qualitative Product Measurements: